Although research and development is widely considered to be an important source of growth, relatively little is known about how its effects differ across industries. This is mainly because much reseach on the effect of R&D has used either cross-section or time-series data and the remainder has...

This paper aims to examine the relationships between inequality and growth, emphasising the role of a product market, its market structure and technological innovation.

This paper argues that developing economies may face a trade-off between specializaing according to existing comparative advantage (in low-technology goods), and entering sectors in which they currently lack a comparative advantage, but may acquire such an advantage in the future as a result of...

This paper is concerned with the validity of historical claims that there may be a "penelty" of being a pionee. The analysis applies Aghion and Howitt's (1994) distinction between fundamental end secondary knowledge to investigate the existence of a "penalty" of being pioneer with general...

After a dramatic slowdown in the 1970s, productivity growth in UK manufacturing in the 1980s returned to something like its pre-slowdown trend. This paper constructs a quarterly dynamic model of TFP growth in UK manufacturing using cointegration techniques, correcting for a variety of...

"creative destruction" refers to the way that economic advances make existeng economic capital ideas absolescent: thay are partially destroyed (in value term). Existing models have only considered how additions to economic knowledge make existing knowledge less valuable. This paper recognises...

This paper explains the observed stagnation of 'Happiness' measures in the post-war period through a growth model in which agents care about conspicuous consumption.